Wilmington, Delaware, United States, April 26, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – Surge in adoption of land mowers, garden tillers, and water pumps is anticipated to offer substantial business opportunities to companies in the small engine market. The small engine industry was valued at US$ 6.9 Bn in 2022 and is anticipated to reach US$ 10.3 Bn by 2031.
Rise in consumer spending on landscaping tools in developing regions is expected to boost the global small engine market. Surge in utilization of small engine in generators is likely to accelerate the market development.
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Key Findings of Study
- Surge in Demand for Small Engines in Water Pumps: Rise in adoption of small engines in generators and pressure washers is expected to boost the market. Based on end-user, the water pumps segment is estimated to account for major share from 2023 to 2031. Significant usage of water pumps can be ascribed to their use in a wide range of applications in households, construction, and agriculture. These are utilized significantly for irrigation applications in the agricultural sector. Rise in usage of water pumps in drainage applications is likely to boost the small engine market. Go-kart is also a lucrative segment. Surge in demand for go-karting is expected to boost the adoption of small engine. Go-karting is popular among individuals of all age groups, as the motorsport is found to relieve stress and is a fun-filled activity. Rise in number of people in sport of go karting in developed countries is expected to bolster the segment.
- Product Advancements to Reduce Carbon Emissions of Small Engine: Stringent implementation of regulations for carbon emissions from small equipment is likely to pave the way to introduction of small engines that produce low unburnt hydrocarbon emissions, which is likely to broaden market outlook. An example is small engines used in automotive applications which emit low exhaust and evaporative emissions such as NOx emissions. Rise in adoption of lawn & garden equipment engines characterized with low carbon emissions is anticipated to strengthen market development in near future. An instance is introduction of small engines that comply with the U.S. EPA emission regulations. Growing awareness about environmentally-friendly landscaping power equipment among consumers is likely to spur the adoption of small engines worldwide.
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Regional Growth Dynamics
Asia Pacific is anticipated to account for major share of the global small engine market from 2023 to 2031. Rise in utilization of garden tillers especially in public parks in the region is likely to propel the market. Surge in usage of a number of power equipment in the agriculture sector is likely to fuel the small engine market growth in Asia Pacific.
Europe and North America are anticipated to witness significant rise in market revenue during the forecast period. These regions witness extensive usage of snow blowers to clear roads and highways. High demand for small engines across the region is expected to bolster the market in these regions in the next few years.
Key Drivers
- Surge in adoption of small engines with low carbon emission in various power equipment is expected to drive the market.
- Rapid expansion of the landscaping industry is anticipated to propel the small engine market. Manufacturers are focusing on expansion of distribution channels, which is likely to augment the market value.
Competition Landscape
Mergers & acquisitions and product portfolio expansions are competitive strategies adopted by key players in the small engine industry.
Prominent companies in the global small engine market are Briggs and Stratton, Hona, Kawasaki, Kohler, Yamaha Motor Co., Ltd., Lifan Power USA, Kubota Corporation, Tillotson, and Mitsubishi Heavy Industries, Ltd.
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Small Engine Market Segmentation
By Energy Resource
- Liquid Filling Petrol
- Diesel
- Compressed Natural Gas (CNG)
- Liquid Petroleum Gas
- Others (Kerosene, etc.)
By End-use
- Land Mower
- Snow Mower
- Garden Tiller
- Chainsaw
- Go Kart
- Pressure Washer
- Water Pump
- Others (Weed Trimmer, etc.)
By Type of Engine
- Internal Petrol Consumption
- Internal Diesel Consumption
- Compressed Natural Gas Engine
- Hybrid Engine
- Others (Liquified Petroleum Gas Engine)
By Engine Displacement
- Up to 100 CC
- 101 to 200 CC
- 201 to 400 CC
- Above 400 CC
By Application
- Residential
- Industrial
- Commercial
- Recreational Park
- Educational Institution
- Hotel
- Office Complex
- Others (Hospital Etc.)
Distribution Channel
- Online
- Offline
- Direct Sales
- Indirect Sales
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